A 25-Year-Old BofA Trader Dies Suddenly at Industry Outing

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(Bloomberg) — A 25-year-old Bank of America Corp. credit trader died suddenly on Thursday night.

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Adnan Deumic, a credit portfolio and algorithmic trader, collapsed of a suspected cardiac arrest playing soccer at an industry event and failed to respond to medical treatment including CPR, according to a person briefed on the matter. He joined the bank on the global markets team in 2022 after participating in the summer analyst program the previous year.

“The death of our teammate is a tragedy, and we are shocked by the sudden loss of a popular, young colleague,” a representative for Bank of America said in an emailed statement. “We are committed to providing our full support to Adnan’s family, his friends and to our many employees grieving his loss.”

Originally from Sweden, Deumic was active in sports including ice hockey. He was based in Bank of America’s London office. Prior to Bank of America, his LinkedIn profile lists internships at JPMorgan Chase & Co. and Nordic investment bank ABG Sundal Collier. Deumic was a graduate of Sweden’s Chalmers University of Technology.

The death is the second in recent weeks involving a young employee within the firm’s Wall Street divisions. Leo Lukenas, an associate within the investment banking group in New York, passed away earlier this month.

That incident sparked discussions within the industry about the culture of demanding, long hours in investment banking. While the trading business is also intense, it’s faced fewer of those questions because it’s less built around marathons to close a deal.

In the weeks before he died, Lukenas — who was in the financial institutions group — had been working on a $2 billion bank acquisition deal, which he touted on LinkedIn. He passed on May 2 from an acute coronary artery thrombus, according to the New York City Office of the Chief Medical Examiner.

Whether or not work contributed to Lukenas’ death is unknown, and Bank of America is not formally investigating the death, according to people familiar with the matter. The company’s focus is “doing whatever we can to help and support the family and our team who are devastated,” the bank said in an earlier statement to Bloomberg.

Outpouring

Before banking, Lukenas was a Green Beret, an elite special operations force within the US Army, and his death prompted an outpouring across Wall Street. Within days, a donation page was set up by a veteran organization, 51 Vets, to raise money for his wife and two young children. Jefferies Financial Group Inc. Chief Executive Officer Rich Handler was among contributors, giving $10,000, while Moelis Veterans & Allies Network donated more than $11,000.

On the donation page — which has raised nearly $400,000 of its $1 million goal — one anonymous donor wrote that they were in their first year of investment banking after more than ten years in the Navy. Lukenas’ death “hits close to home,” the donor said.

(Updates with further context from fourth paragraph.)

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